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Bitcoin Data Reveals Bulls Are Growing But Still Behind March 2024 Peak – Details

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Bitcoin proved unstoppable, breaking all-time highs five times in six days and rising beyond the $82,000 mark. This latest milestone bolsters Bitcoin’s momentum as it hurtles into uncharted territory, attracting the attention of bulls and sparking new levels of optimism in the market.

According to recent data from CryptoQuant, the number of bullish investors is growing rapidly, but there is reason to believe that Bitcoin’s rally is not over yet.

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CryptoQuant Insights indicates that BTC remains well below its March 2024 peak on several key metrics, suggesting that Bitcoin may still have room to climb during this cycle. This gap highlights that despite the impressive gains, Bitcoin could still be on its way towards a true cycle peak, with potential gains yet to be realized.

With investor sentiment strengthening and Bitcoin showing resilience at each new level, the market is closely monitoring signs of continued bullish momentum. The next few days will be crucial in determining how far Bitcoin can go as it solidifies its position for the next phase of this rally.

Bitcoin bulls enter the room

Bitcoin bulls are back after eight months of sideways consolidation and significant selling pressure. With Bitcoin now trading 11% above its all-time high since March, market sentiment has turned decisively bullish, marking the beginning of a new trend.

According to data from CryptoQuant analyst Axel AdlerThe number of bullish investors in the market is steadily increasing, indicating growing confidence. However, despite this rally, the current rally lacks the frenetic demand seen during the March 2024 rally, when interest from individuals and institutions reached euphoric levels.

Bitcoin bulls are growing | source: Axel Adler on X

Adler’s data suggests that although the bulls have a strong foothold in the market, the pace of accumulation by new retail and institutional participants remains relatively modest. This gap between current market dynamics and those seen in March suggests that Bitcoin’s recent rally may be just the beginning rather than the end of its upward trajectory in this cycle.

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A slower but steady rise in buying interest could indicate that Bitcoin is still in the early stages of this bullish phase, with room for further growth before the peak of the cycle is reached.

For investors, this could represent a promising opportunity. The weak level of excitement in the retail and institutional sector suggests that Bitcoin has not yet captured mainstream attention as it did during previous peaks. If demand picks up gradually, Bitcoin could see sustained growth over the coming months, potentially reaching new highs as momentum builds.

BTC sets new high

Bitcoin recently hit a new all-time high above $82,000, which many investors previously viewed as a potential local top. However, Bitcoin price action remains strong, and it may be too early to call an eventual peak.

Despite this bullish momentum, a potential pullback to $77,000 could be on the horizon, as there is an unfilled gap in the CME futures market between $77,000 and $81,000 – a technical level that often attracts price action as traders look to… Bridging the gap.

BTC futures chart shows 5% gap
The BTC futures chart shows a 5% gap source: BTCUSD CME futures chart on TradingView

This week is likely to bring significant volatility as the bulls take control of the market. With Bitcoin in uncharted territory, some investors may seize the opportunity to take profits, which could lead to selling pressure.

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However, the prevailing trend is up, and a short correction to $77,000 could provide a basis for further upside. Bitcoin’s strength remains intact at the moment, but all eyes will be on how it responds to volatility and whether it can maintain this high range or dip a bit before resuming the rise.

Featured image by Dall-E, chart from TradingView

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